Neutral, an open financial protocol, has today announced the launch of its first product on KuCoin exchange, a stablecoin basket called Neutral Dollar (NUSD). It is fully collateralized by and inter-exchangeable with constituent stablecoins that comprise initially of USDC, PAX, TUSD, and DAI. Users can contribute any constituent stablecoin at fair value in exchange for NUSD during an initial contribution period starting through the Neutral platform. KuCoin will subsequently support active trading pairs BTC/NUSD and USDT/NUSD. A series of trading and holding competitions will commence for early adopters with attractive rewards to upwards of $50,000.
As a metastable basket, the Neutral Dollar stablecoin has been consistently illustrated to be less volatile than any alternative stablecoin in the market given its diversified risk exposure. In addition, the construction of Neutral Dollar aggregates fragmented liquidity in stablecoin markets and offers users the convenience of trustless on-chain swaps between stablecoins. Upon launch, NUSD will simultaneously be supported by leading wallets including ImToken and Bixin etc. and partnering with Nexo Earn for a pilot program to enable deposit yields up to 6.5%.
Commenting on the partnership, Gordon Chen, CEO and Co-founder of Neutral said, “Today marks a significant milestone for our project. KuCoin shares our vision of an industry where high quality projects, based on research and hard work, succeed together. The launch of Neutral Dollar on KuCoin sets us on a path to bring increased stability and liquidity to the global crypto market through our digital dollar.”
Michael Gan, CEO of KuCoin, said, “We are delighted to welcome Neutral Dollar to the KuCoin ecosystem. KuCoin currently offers a wider range of stablecoins than most major exchanges and by doing so we intend to help mitigate the investment risk of our traders. Neutral has designed a truly next-generation stablecoin that addresses some of the key issues in the market today. We believe the launch of NUSD will contribute to the liquidity of our stablecoin markets and bring real value to all KuCoin users alike.”
For more information, visit https://www.neutralproject.com or follow Neutral on Medium, Twitter or Telegram.
About Neutral
Neutral, founded in 2018, is a smart contract system offering superior financial instruments to the cryptocurrency space. Leveraging proven investment concepts, Neutral builds upon existing infrastructure to facilitate growth in the cryptocurrency and blockchain industry. Neutral’s first product, Neutral Dollar (NUSD), is an aggregated basket of stablecoins, resulting in a superior digital dollar which has lower volatility, increased liquidity, and increased transparency when compared to other stablecoins on the market. Neutral’s core team comprises of experienced investors, quantitative traders, trading system developers, and is advised by Nobel Prize economists and financial industry experts. The company is backed by Sequoia Capital China and has offices in San Francisco, New York, and Beijing.
About KuCoin
The KuCoin Exchange opened for cryptocurrency trading in September 2017 and enjoyed steady growth into 2018. The KuCoin Exchange puts a high priority on the quality of the projects listed based on a well-trained research department that scours the blockchain industry for the highest quality projects. KuCoin provides an exchange service for users to conduct digital asset transactions securely and efficiently. Over time, KuCoin aims to provide long-lasting, increased value to its more than five million registered users, in over 100 countries. In November 2018, ‘The People’s Exchange’ officially partnered with IDG Capital and Matrix Partners.